Eroğlu Holding is preparing to make a sizable investment in Egypt. Firm , wishing to take advantage of cheap labor in the country, is going to strengthen the Colin’s and Loft brands with the investments made in the country. Eroğlu Holding, established fabric and garment factories with an investment of $150 million in the area previously, is going to increase the investments in Egypt to $ 450 million and also increase the number of employees from 1700 to 10000 as of 2014. Making evaluations about the subject, Nurettin Eroğlu, Chairman of the Eroğlu Holding, stated that they are focused on growth with new investments at home and abroad. Emphasizing that Eroğlu Holding contains important brands like Colin’s and Loft in itself, “We are going to try to increase both production areas and the number of our stores with new investments.” Eroğlu said.
Emphasizing that they became one of the biggest foreign investors of Egypt with the investments they made in the country up to now, Eroğlu said; “ We achieved $ 150 million amount of investment in Egypt.We are planning to establish new production centers in the country. We will make $ 300 million additional investment and increase the number of employees from 1700 to tens of thousands in only this country in two years. We prefer the countries in production such as Egypt, Pakistan and Indochina where cheap labor is. We have a fabric only in Aksaray in Turkey in terms of garment. We employ here two thousand workers. But we don’t think establishing a new place in Turkey because workers’ salaries are $ 800 here while they are $ 400 in Egypt. Besides, there are serious differences in the amounts you paid to energy.”
An Egyptian Gate to the African Market
Underlining the aim of globally opening stores is in progress, Eroğlu said "We have 700 stores worldwide. Besides that, we have plans to open new stores in China, India and Egypt.Eroğlu, said that they won’t be active much in terms of opening stores in Europe, finished his speech by saying that; “We are taking part in Europe but we are not as strong as in Russia.We achieve $370 million sale in Russia while it is between $ 10 and 15 million in Europe. Apart from that, we are planning to open stores in more important markets like the Middle East as well as China,Egypt and Indian. Africa is among our target markets in export.Africa is the market of future and we will be in this market definetely making Egypt a gate.”
